Say you owe 50k in credit, 40k on cars, and 125k in tax. You`re willing to do away with the cars and have other transportation, but the value vs. the balance makes it difficult to sell one and impossible to sell the other for at least the payoff. With 2 full time jobs that you hate, you still come up short each month by 300 and that`s with reduced payments on the credit and Uncle Sam giving you a break too by allowing a 500/mo payment. It`s bad enough that you work 80hrs per week and don`t get to enjoy any of the money for yourself, but at minimum payments on credit debt, it could take 7yrs to payoff debt and 10yrs isn`t out of the question considering what could go wrong. How long could you keep this kind of schedule going anyway before you crack and is it worth it? You have to take care of home and Uncle Sam...no options there, but should you bankrupt the rest? Like I said it`s going to take you 10 years to pay it off anyway and that`s if you keep the two full time jobs and get all the other breaks to go your way. If you go bankrupt, it will show for 10 years on your credit, but during that time you can begin to rebuild it with any extra money you get, but at least you aren`t stuck in a mandatory work to make payments you can`t afford situation. Credit,debt,finance folks...talk to me.